Loan agent in India is the one who conducts preliminary assessment of your background and files to check for loan eligibility.
The Loan agents get you crucial loans when in need. They scrutinize your file and connect you with a lender while collecting all the documents and filing then as per the requirements of the lender. The fundamental checks required to ensure an applicant’s eligibility is the primary responsibility of the agent that everything adheres to guidelines.
Responsibilities of a Loan Agent
- Generate leads from companies or groups for loan requirements
- Call and setup meetings with interested applicants to understand requirements
- Various types of loans available in the market need to be explained along with the terms to the applicant
- Get personal information and financial background of the applicant. This then needs to be verified for authenticity along with credit ratings and income levels
- Loan agreements need to be reviewed to ensure they comply with guidelines laid by the state
- Approve loan applications or refer them to management for a decision
- Loan applications need to be approved by the loan agents and then pushed ahead for further approvals and disbursement
Eligibility Criteria for Loan Agent
Educational Qualification
In Urban Areas and metropolitan cities - 12th Pass
Rural areas – 10th Pass
There is no eligibility criterion as such except the need for soft skills like,
- Be an excellent and patient communicator
- Ability to anticipate and connect the dots
- Be an efficient administrator with high organizational skills
Captive or Independent
As a Loan agent you have the option of being a captive or independent loan agent. Independent loan agents are also called DSA or Direct Selling Agents.
The perks of being a DSA are,
- Can work with Banks or brokers or both
- Be your own Boss
- Handsome payouts as commissions
- Be a part of the most important industry of the economy
- Flexible work hours
- Develop your own contact base
- Little to no investment
- Be a DSA along with a job at the same time
Being a Loan agent is a great career choice and one that give financial freedom to many people while also achieving yours, so go on, be a Loan Agent today!
